Banks to levy higher charges on select services from July 1

• Follow

From July 1 a few charges in common transactions are supposed to change that would have an impact on you. Have a look.

Cash withdrawal at SBI

Basic savings account holders of State Bank of India (SBI) would get only four free cash withdrawals from the bank’s ATM as well as branches.

The largest public lender in the country will charge Rs 15 plus GST on each transaction after the free transactions limit from these customers.

Non-financial transactions and transfer transactions will be free of cost at branches, ATMs, CDM (cash dispensing machines) for the BSBD account holders.

SBI cheque book charges

Basic savings bank account holders of SBI would also have to pay higher charges for cheque books from July 1.

The bank said, these customers can use only 10 cheque leaves in a financial year. For using more, the bank has fixed at Rs 40 plus GST for subsequent 10 leaves and Rs 75 plus GST for 25-leaf cheque book.

TDS for non-IT filers

From tomorrow the government has decided to impose a higher tax deducted at source (TDS) rate for those who have not deposited income tax returns (ITR) for the past two years. The rule will be applicable to taxpayers whose TDS deducted each year exceeds Rs 50,000.

This has been inserted in the income tax rules by the Finance Act, 2021.

Cheque books of two banks

Andhra Bank and Corporation Bank have been merged with Union Bank of India. However, the cheques of all these three banks are valid till today. From July 1, the customers of all the three banks have to use the cheques of Union Bank that have new security features.

So the customer of these two banks have to collect the new one otherwise from tomorrow the existing cheque will not work.

Syndicate Bank

The account holders of Syndicate Bank will get new IFSC codes as the bank has merged with Canara Bank. The latter has appealed to all account holders of Syndicate Bank to get new IFSC codes so that transactions can be done smoothly.

From tomorrow onwards all Syndicate Bank customers have to use the new Canara bank’s IFSC codes.